BEERG Newsletter - ILO: Global wages fall for the first time this century

Global wages have fallen for the first time this century, according to figures from the International Labour Organisation (ILO). Salaries fell by an average of 0.9% globally in real terms during the first half of 2022. China experienced the strongest wage growth among the group, with the average employee in the country earning 2.6 times more than in 2008 in real terms. Commenting on the findings, ILO Director-General, Gilbert F. Houngbo, said:

“The multiple global crises we are facing have led to a decline in real wages. It has placed tens of millions of workers in a dire situation as they face increasing uncertainties…”

“…Income inequality and poverty will rise if the purchasing power of the lowest paid is not maintained. In addition, a much-needed post pandemic recovery could be put at risk. This could fuel further social unrest across the world and undermine the goal of achieving prosperity and peace for all.”